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August 2008

Understanding the importance of IFRS

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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New Page 5

61 Understanding the importance of IFRS


Here are ten questions/points to attain ‘IFRS Nirvana’.
Determine the scope of companies in your group that would need to converge and
assess what you want to achieve by when and agree with the Audit Committee
Chair ? Do you want to merge your internal reporting and IFRS to avoid multiple
financial closures ? Considering that this would be a change in primary GAAP, do
you want to go down the path of systems based conversion ? Identify a team and
treat this as a project — evaluate how you would bridge any gap in technical
skill sets by training or seeking assistance. Evaluate the relevant principles
and arrive at the choices after involving the Audit Committee, CEO and CFO.
Identify issues that may require large amount of data gathering and evaluate the
best method to get it —set separate teams at work on this. Prepare a sample
financials for your company and educate the relevant stakeholders on
differences. Do an impact assessment not just on financials but also people,
processes and IT.

(Source : Internet newswires, 14-7-2008)

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